Canada corporate bank account
Healy Consultants assists our Clients interested in Canada company setup by efficiently opening a corporate bank account in Canada without travel. Our experienced banking team will prepare all required support documentation and submit a quality corporate bank account opening set to your preferred Canadian or international bank.
Where required and to optimize engagement timelines, our banking team will also attend the bank interview on your behalf. Four weeks following engagement commencement, we will provide a corporate bank account number and activate internet banking on behalf of our Client.
Canada corporate banking options
- Canadian banks offer high quality customer service, excellent internet banking and multi-currency corporate bank accounts. Thanks to the excellent oversight of the Canadian Central Bank, they are also rated as the soundest in the world for 2016 by the World Economic Forum;
- We recommend our foreign Clients to open their business bank account in Canada with a bank with which they already have a bank account in another country, as this will reduce: i) time required to open the account ii) the bank’ requirements for our Client’s security check and iii) allow him to enjoy reduced/waived international transfers fees;
- Amongst the international banks present in Canada, we recommend: i) Citibank ii) Barclays and iii) HSBC as our Clients in Canada and elsewhere in the world have expressed their satisfaction with the services offered by these institutions;
- Alternatively, there are many local Canadian banks that offer superb banking facilities, including i) Scotia bank and ii) Royal Bank of Canada. View this full list of local and international banks operating in Canada.;
- Canadian banks are supportive of startups and will loan funds to finance investment projects in Canada, if provided with sufficient information on the project’s feasibility and expected earnings. Documents requested include i) a well-prepared business-plan inclusive of a feasibility study ii) availability of collateral assets iii) qualifications of business owners and management iv) last 3 years audited financial statements and v) a detailed review of the project’s strength, weaknesses, opportunities and threats (SWOT matrix).
Steps required to open a Canada corporate bank account
- Firstly, Healy Consultants and our Client will decide and agree the optimal financial institution available in Canada, either a local bank or international bank with a reputable branch in Canada. Then Healy Consultants will secure timely confirmation of interest;
- Once the new Canadian company is incorporated, Healy Consultants will prepare a detailed business plan communication with the Canadian bank;
- Where applicable, Healy Consultants will i) attend Skype interviews representing the Client ii) sign off banking documentation via Power of Attorney or iii) certify and translate corporate due diligence;
- Following corporate bank account activation, Healy Consultants will timely organize issuance of online banking log-in details and token device release.
Exchange controls and other regulations
- Canada has revoked all foreign exchange controls. Accordingly, there are no such restrictions on the transfer of capital, profits, dividends, royalties or interest into, or from the country;
- However, international funds transfers over US$10,000 are monitored by the Central Bank and FATCA related requirements are strictly implemented in Canada;
- Healy Consultants assists our Clients with obtaining corporate finance in Canada in the form of a loan, overdraft or simply preferential credit terms;
- In addition to corporate finance, our in-house consultants may also provide our Clients with assistance to secure trade finance services including i) bank guarantees ii) letters of credit iii) finance against trust receipt (for imported goods) and iv) document against payment and against acceptance.